According to Cointelegraph, U.S. Representative Bryan Steil has called on lawmakers to refrain from adding unrelated items to two significant cryptocurrency bills, arguing that such actions are delaying the establishment of a regulatory framework for the industry. Steil, a Republican from Wisconsin and chair of the House Financial Services Subcommittee on crypto, emphasized the need for restraint among legislators during the Bitcoin 2025 conference in Las Vegas on May 27.
Steil highlighted the tendency of individuals to attach non-relevant items to any legislation poised to advance and be signed into law. He urged his colleagues from both political parties to resist this impulse. The primary focus of Congress's crypto advocates is to pass the stablecoin-regulating Guiding and Establishing National Innovation for US Stablecoins Act, known as the GENIUS Act, along with a crypto market structure bill before the August recess. Democratic lawmakers had previously withdrawn support for the GENIUS Act on May 8, citing concerns over U.S. President Donald Trump's involvement in crypto ventures potentially conflicting with his presidential responsibilities.
Despite these concerns, the GENIUS Act progressed in the Senate following a procedural vote on May 20. Steil argued that the issues related to Trump are not pertinent to the bills themselves, which aim to establish a regulatory framework to enhance the broader market, benefiting American consumers and fostering innovation. Democratic Senator Mark Warner echoed this sentiment before the GENIUS Act's passage on May 19, stressing the importance of U.S. involvement in shaping the evolving crypto industry to protect national interests and democratic values.
Steil acknowledged the efforts of Democratic lawmakers to better understand the crypto industry's concerns regarding the Biden administration's regulatory approach. He noted that the political dynamics and nature of crypto-related negotiations have shifted, with over 70 Democrats in the previous Congress recognizing the need for clear crypto regulations when the Financial Innovation and Technology for the 21st Century Act (FIT21) passed the House in May 2024. Although the FIT21 Act was not enacted before the end of the last Congress, House Agricultural and Financial Services Committee chairs Glenn Thompson and French Hill introduced a new crypto market structure bill on May 5, building on FIT21's foundation. Steil expressed optimism that passing these bills would allow lawmakers to explore innovative ideas within the crypto space.